Banking on Connections

Building the Next Generation of Affordable Housing Developers

Building affordable housing takes more than funding and land — it takes skilled developers.

In this episode of Banking on Connections, Federal Home Loan Bank of Chicago highlights how it is strengthening the affordable housing talent pipeline through its Community First® Developer Program.

In 2025, FHLBank Chicago awarded $5.9 million through the Developer Program to organizations across Illinois and Wisconsin, supporting more than 110 internships and fellowships designed to build real-world development expertise. These grants help nonprofit and mission-driven organizations hire, train, and mentor emerging professionals gaining hands-on experience in project management, predevelopment planning, construction, and financing.

Featuring perspectives from Developer Program grant recipients and their member partners, the episode shows how FHLBank Chicago’s funding is expanding organizational capacity, strengthening local housing ecosystems, and supporting the skilled developers needed to move affordable housing projects forward.

The Fed’s September Rate Cut: What It Means for Markets, Jobs, and Housing

This episode of Banking on Connections features James Hotchkiss discussing the Federal Reserve’s September rate cut and its impact on the economy. The conversation centers on the Fed’s decision to lower the federal funds rate by 25 basis points, signaling a shift in monetary policy as inflation cools and the labor market slows.

Key points include:

• The Fed’s move reduces recession risks and reflects growing concern about the jobs market, with hiring slowing but layoffs remaining low.

• Uncertainty around tariffs and rates continues to affect business investment and consumer sentiment, especially for small businesses.

• The housing market shows regional differences: inventory is high in the South but remains tight in the Midwest and Northeast, with Chicago seeing strong price appreciation.

• The Fed is now prioritizing employment over inflation, willing to let inflation run hotter to support job growth.

• The episode closes with a look at how these changes may affect long-term rates, housing affordability, and consumer confidence as we move through 2025.

MPF® Program's Evolving Role in Housing: Insights From Patrick Sullivan

On this episode of Banking on Connections, host Stephen Schumacher dives into one of the podcast’s most essential themes—housing—with Patrick Sullivan, Executive Vice President and Group Head of the Mortgage Partnership Finance® (MPF®) Program.

As supply and affordability challenges persist across Illinois and Wisconsin, Patrick shares his unique 360-degree perspective on the housing industry, how the MPF Program has evolved to support housing affordability, and why collaboration among financial institutions, community partners, and housing leaders is key to tackling the challenging housing market.

Tune in and be part of the conversation shaping the future of housing finance. 

The Economy in Limbo - A Mid-Year Outlook

Markets are volatile, inflation is steady, and recession fears linger—but where do we really stand halfway through 2025? FHLBank Chicago's in-house Economist James Hotchkiss joins host Stephen Schumacher to break down the data, unpack consumer spending behavior, and explore what it all means for financial institutions. 

Tune in to hear: 

• Why the economy feels stuck in “wait and see” mode 
• What recent retail and labor data suggest about consumer confidence 
• How housing trends differ dramatically across regions 
• What opportunities exist for financial institutions amid economic ambiguity 

Skill Development - A Continuous Journey and Investment

Every organization is experiencing how quickly technology, customer preferences, and the economic landscape is changing and advancing how we work. That’s no different in the banking and finance sectors. While many teams want to find new and more efficient ways to complete work and grow the careers of its employees – how do you find time for that skill development? How does an organization embrace change and adapt strategically to drive that value to its employees and customers?

 

On this episode, guest Chelsi Gallegos, Assistant Director, Organizational Development at FHLBank Chicago, shares insight into how organizations can start a skill development journey for its employees, what that investment looks like, and how FHLBank Chicago’s multi-year skill development journey is helping us grow and evolve how we serve our member financial institutions.

Opening Doors: How Downpayment Plus® Programs Support Homebuyers

As homebuyers navigate a challenging housing market, one common financial hurdle they face is having enough money to cover the down payment and closing costs. On this episode, we explore how our Downpayment Plus® (DPP®) Programs expand homeownership opportunities in Illinois and Wisconsin and how FHLBank Chicago members can participate. Representatives from our Community Investment team—Angie Ashlaw, Senior Community Investment Operations Specialist, and Jamie Lutton, Manager, Community Outreach—discuss an overview of the program, its positive impact on individuals and communities, and steps for financial institutions to leverage DPP funding effectively.  

A Certainly Uncertain Economic Outlook

James Hotchkiss, FHLBank Chicago’s in-house economist, is back to share his insights into the layers of uncertainty in the United States economy and markets. We break down the potential impacts of tariffs, job market news, consumer spending trends, and direction of interest rates. What does all this mean for consumers? What should FHLBank Chicago members and the financial sector pay attention to? Tune in as we navigate all the economic twists and turns.

Where Is the Economy Headed in 2025?

James Hotchkiss, FHLBank Chicago’s in-house economist, joins the show to share what he’s seeing in the market and economy in the early part of 2025 and what lies ahead in the coming months. Is there an expected path forward for interest rate cuts? Is the worst of inflation behind us? Will the housing market improve? Hear all this and more on our new episode!